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Excerpt from World Affairs Brief
World Affairs Brief, June 3, 2011 Commentary and Insights on a Troubled World. Copyright Joel Skousen. Partial quotations with attribution permitted. Cite source as Joel Skousen’s World Affairs Brief (http://www.worldaffairsbrief.com)
ON THE VERGE OF A GREAT DEPRESSION?
Frequent CNBC guest Peter Yastrow told the CNBC audience that, “We’re on the verge of a great, great depression. The Federal Reserve knows it.” It was also widely reported that a billion dollar fund managers agrees, “The government never fixed the underlying economic problems, so we’ll have another crash.” Another pundit claimed the “housing slump is worse than the Great Depression.”
Part of this is true (the economy not being fixed), but I’m not buying the greatest depression ever claim. There is so much surplus wealth in this country, and even inside everyone’s home that the hardships of today simply don’t compare to the great depression. Where are the long bread lines? Even our unemployed are living comparatively well between unemployment compensation and reliance on relatives. 44 million are on food stamps and living much better than most during the Great Depression. Restaurants and movie houses are still packed on weekends.
In short, this is no depression even though the financial system is still not fixed and can’t be. The only question is how bad will the long slow decline be and how soon will high inflation come upon us. Inflation is the only game in town left that the FED has to play. But only the FED knows for sure how much they are going to inject and where its impact will be felt. As an experienced watcher of these conspiring men, my gut feeling is that they intend to keep collapse at bay for at least 5-10 more years. By then they’ll have a world war to cover for the collapse.